16 hours ago
Canary Capital has filed an S-1 form with the Securities and Exchange Commission (SEC) to motorboat a crypto exchange-traded money (ETF) that provides vulnerability to the PENGU token and the Pudgy Penguins non-fungible token (NFT) collection.
This marks the archetypal crypto-related ETF offering connected to an NFT collection.
According to the filing, the money volition put successful a portfolio consisting of PENGU tokens and NFTs from the Pudgy Penguins collection.
Additionally, the money volition clasp Solana (SOL) and Ethereum (ETH), which the filing describes arsenic “necessary oregon incidental to the purchase, sale, and transportation of the Trust’s PENGU and Pudgy Penguins NFTs.”
PENGU, the autochthonal token of the Pudgy Penguins ecosystem, presently has a marketplace capitalization of $435 million. One hr aft the news, the token’s terms jumped implicit 7% to $0.0073. In the aforesaid period, the level terms of the Pudgy Penguins NFTs jumped by implicit 0.5 ETH.
Luca Netz, CEO of Pudgy Penguins, acknowledged the filing, calling it “history.” Igloo Inc., the genitor steadfast down the Pedgy Penguins collection, added:
“We judge that Pudgy Penguins is the look of crypto, representing innovation and the wide adoption of blockchain technology. Being included successful this filing is simply a beardown validation of that belief.”
Historically retired of the box
Canary Capital has a way grounds of unconventional crypto-related ETF filings. On November 12, 2024, the firm filed an S-1 form for the archetypal Hedera (HBAR) ETF, which attracted attraction arsenic HBAR was extracurricular the apical 20 crypto by marketplace capitalization.
The determination amazed immoderate analysts, specified arsenic Bloomberg elder ETF expert Eric Balchunas, who said utilizing Google to recognize what Hedera is.
This inclination has continued successful 2025. Canary filed the S-1 signifier for the archetypal Axelar (AXL) ETF connected March 5 and followed up with the archetypal Sui (SUI) ETF filing connected March 17, soon aft registering it successful Delaware connected March 6.
These filings suggest a broader effort by Canary to grow the scope of crypto-related ETFs beyond accepted assets specified arsenic Bitcoin (BTC) and Ethereum, investigating the waters with the SEC connected however acold the filings tin go.
The station Canary Capital breaks caller crushed with an NFT-inclusive crypto ETF featuring Pudgy Penguins appeared archetypal connected CryptoSlate.
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